House hacking

4 Replies

I am wanting to potentially house hack a duplex in Kansas City, MO, but I want some feedback from other REI investors on here. New to REI, so I'd like to hear why it would be a good deal or why it would not be a good one? How could I find accurate costs for all of the expenses? I looked on some of the info from realtor.com as well as neighborhoodscout.com.

Here is the link to the duplex:

http://www.realtor.com/realestateandhomes-detail/3405-E-114th-Ter_Kansas-City_MO_64137_M85646-84980?row=5

You can go to that countys tax assessor website to look up real estate taxes. You can call a local insurance broker to get an estimate of property insurance. Property managers will cost 10%. You can look up the local utility company and call them to find out the cost of water and sewer. You can call a local property manager and give them the address to see if they are scared to death to manage houses on that street.

Look at the schools ratings around the neighborhood you have in mind.....USUALLY speaking the higher the rating the BETTER! :)

This is what I have done with my first property. Also you can qualify for a FHA loan which you can put as little as 3.5% down in order to use your capital to acquire another property. Also while house hacking you can either pay yourself or live for free off and save your money for further investments! Very smart idea and i'd say one of the best ways to get into real estate! Best of luck to you keep us updated on the forum!

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